RUPEE:
RETREATS FROM 2-WK HIGHS
DATE: 08/06/2012
The Indian rupee opened
lower for the first time in five trading sessions on Friday, June 08, 2012,
retreating from a two week high registered in the previous session, when the
currency breached below the Rs. 55 per dollar mark as a rate cut in China in
late trade boosted a revival in global risk sentiment. The domestic currency
failed to hold below the psychological 55 mark and opened weaker by 32 paise at
55.26 today. Investors were seen dumping riskier assets on reduced hopes for more
monetary stimulus by the Federal Reserve. Rupee hit a high of 55.15 so far
during the day, but went back to lower levels of 55.27. In the spot currency
market, the Indian unit was last seen trading at 55.25, down around 31 paise or
0.56% as compared to previous close at 54.94.
Global risk aversion stroked again on Friday with the euro and commodity currencies dipping lower, having seen gains sparked by a surprise Chinese interest rate cut quickly evaporate after the U.S. central bank offered no hint of imminent monetary stimulus. The euro fell to $1.2513, retreating from a two-week high of $1.2626 hit on Thursday in the wake of Chinese rate cut. That saw the dollar bounce off a two-week low against a basket of major currencies. The dollar index was at 82.45, well off Thursday's trough of 81.911.
Domestic key benchmark indices also edged lower in early trade, failing to support the domestic unit, as Federal Reserve Chairman Ben S. Bernanke in his testimony to Congress on Thursday, failed to promise more US easing for the near future. Most Asian shares too edged lower on Friday. Meanwhile, foreign institutional investors (FIIs) bought Indian shares worth a net Rs 675.48 crore on Thursday, 7 June 2012, as per provisional figures from the stock exchange.
In the domestic currency futures market on the NSE, the front month '27 JUN 12' contract opened at 55.22 on Friday, June 08, 2012, higher than the spot market rupee. The contract hit an intraday high at 55.47 and registered a low at around 55.22 so far during the day. At the time of writing, the NSE June 2012 USD/INR contract was trading at around 55.38, higher by around 23 paise or 0.43% as compared to previous close at 55.14.
Global risk aversion stroked again on Friday with the euro and commodity currencies dipping lower, having seen gains sparked by a surprise Chinese interest rate cut quickly evaporate after the U.S. central bank offered no hint of imminent monetary stimulus. The euro fell to $1.2513, retreating from a two-week high of $1.2626 hit on Thursday in the wake of Chinese rate cut. That saw the dollar bounce off a two-week low against a basket of major currencies. The dollar index was at 82.45, well off Thursday's trough of 81.911.
Domestic key benchmark indices also edged lower in early trade, failing to support the domestic unit, as Federal Reserve Chairman Ben S. Bernanke in his testimony to Congress on Thursday, failed to promise more US easing for the near future. Most Asian shares too edged lower on Friday. Meanwhile, foreign institutional investors (FIIs) bought Indian shares worth a net Rs 675.48 crore on Thursday, 7 June 2012, as per provisional figures from the stock exchange.
In the domestic currency futures market on the NSE, the front month '27 JUN 12' contract opened at 55.22 on Friday, June 08, 2012, higher than the spot market rupee. The contract hit an intraday high at 55.47 and registered a low at around 55.22 so far during the day. At the time of writing, the NSE June 2012 USD/INR contract was trading at around 55.38, higher by around 23 paise or 0.43% as compared to previous close at 55.14.
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RBI
REF RATE
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||||
|
Date
|
USD
|
GBP
|
EURO
|
YEN
|
|
07-JUN-12
|
55.15
|
85.22
|
69.24
|
69.51
|
|
%
Change*
|
0.63
|
0.42
|
0.08
|
1.26
|
|
*As
against previous working day
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